RealtyMogul Crowdfunds Florida Self-Storage Facility
RealtyMogul, the online real estate capital platform connecting accredited and institutional investors to real estate investment opportunities, announced that it had successfully crowdfunded a Florida self-storage facility acquired by StoreSmart Self-Storage, which is a national developer of, and asset manager for, premier self-storage properties. RealtyMogul’s accredited and institutional investors contributed more than $3 million in aggregate equity financing to help StoreSmart acquire the facility. This marks the second self-storage facility that RealtyMogul.com has helped StoreSmart finance.
The property, Apollo Storage, is a 112,030 square foot self-storage facility located in Melbourne, Florida. The primary objective of the investment is for StoreSmart to acquire, renovate, re-brand and more fully lease the property before reselling it at the end of the anticipated hold period. Investor distributions are projected to begin after the first full quarter of operations following the closing of the acquisition.
“Self-storage facilities continue to be a popular asset class for real estate crowdfunding because they consistently produce steady income to investors,” said Jilliene Helman, CEO and founder of RealtyMogul. “Regardless of how the economy is doing, people will always need to store their stuff. In addition, Reliant, the real estate management affiliate of StoreSmart, conducted a study based on a variety of factors and confirmed that potential demand for self-storage space in this market is strong.”
Built in 2006, the Apollo Storage facility is located on North Apollo Boulevard, a traffic artery in the region with that StoreSmart reports as having average traffic counts of over 21,000 vehicles per day. The property consists of nine buildings, spread out over more than 10 acres. An expansion will add an additional 42 units of 8,800 square feet total. The storage structures are all single story, pre-engineered metal buildings with keypad controlled entry, and the property includes climate controlled and non-climate controlled units.
“We are always aggressively seeking new investment opportunities,” said Lewis G. Pollack, Managing Principal of Storemart Self-Storage. “RealtyMogul has been a great partner in marketing the Apollo Storage investment opportunity to accredited and institutional investors, which resulted in quick and efficient funding of the transaction.”
RealtyMogul is an online marketplace for real estate investing, connecting borrowers and sponsors to capital from accredited and institutional investors. RealtyMogul gives investors tools to browse investments, do due diligence, invest online and have 24/7 access to an investor dashboard to watch how their investments are performing.
RealtyMogul partners with borrowers and sponsors to source deal flow and curates all of the investments. For these real estate companies, RealtyMogul provides a broader capital pool and tools to do investor communications and distributions. As a result, the platform functions as a bridge between investors and real estate companies looking for funding.